Two out of three processors have cut milk prices for February supplies.

Kerry cut its price by 1c/l and Glanbia suppliers will receive 0.5c/l less than they did in January. Lakeland held its price at 30.4c/l excluding VAT, but cut by 0.75p/l in the North.

Glanbia Ireland maintained its base milk price at 28.5c/l excluding VAT, but maintained its support payment of 1c/l.

However the co-op cut its support payment from 1c/l to 0.5c/l. Its member suppliers will receive 29.9c/l excluding VAT for February supplies.

Kerry Group cut its milk price by 1c/l, bringing it to 29.4c/l excluding VAT for February supplies.

However, its suppliers are getting a 0.5c/l top up on milk supplied for the eight months to the end of December 2018. This works out at a bonus of around €35/cow or €1,480 for an 80-cow herd.

The IFA called for all co-op boards that have yet to meet to decide on milk prices to “duly recognise and reflect current firmer market returns by at least holding their February milk prices”.

Milk price to be at least 30c/l - Glanbia

Glanbia Ireland is currently looking at a milk price “with a three in it” for 2019, according to Glanbia Ireland CEO Jim Bergin.

“I don’t see a huge reason for price decreasing below this right now,” Bergin told the Irish Farmers Journal.

However he did caution against the impact of a hard Brexit and how it may affect cheese prices.

He said the current Global Dairy Trade (GDT) price, despite seven successive increases, is still below the Glanbia and average European price.

Oil prices at $64 per barrel are not helping and Bergin said he would like to see that rise above $70/barrel.

Glanbia suppliers will receive forms for the 13th Fixed Milk Price Scheme this week. Its base price is 29.9c/l excluding VAT for 23 months from 1 February 2019.